Preparation - Trim the asparagus spears to 3" to 4" lengths. In a medium saucepan boil a small amount of water. Add the asparagus and cook for about 3 minutes or until barely tender. Drain and set aside. In a large heavy skillet, heat the olive oil over medium high heat. Add pepper strips. Cook, stirring constantly, just until barely tender - about 1-1/2 to 2 minutes. Add the asparagus. Cook and stir together on medium high heat until all the vegetables are heated through, about 1 to 2 minutes. Remove from heat. Add butter, salt and pepper. Serve immediately.